Coinbase makes their money on the 1% spread they charge. Kraken is in this ballpark too, with a little more variance. Binance, like FTX, charges a tenth of th

Coinbase makes their money on the 1% spread they charge. Kraken is in this ballpark too, with a little more variance. Binance, like FTX, charges a tenth of that. If they're not making up for that disparity somewhere, in a not so great way, I'll be quite surprised. Binance offers margin, with tiers including up to 10x leverage. This is a level you can only typically get to with Treasury securities in the US, which otherwise hearkens back to the 1920s before regulations to avoid this were put in place for very good reason, on securities that are much more stable than cryptocurrencies. Solvency is dubious at best.